FG: $800m ports rehabilitation fund almost ready

The Federal Government has said that the over $800m needed for the rehabilitation of ports in the country is almost ready.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced this in Apapa, Lagos during the presentation and inauguration of seven security patrol boats by the Nigerian Ports Authority on Thursday.

In November, the Nigerian Port Authority said it was launching over $800m for the rehabilitation plan of all the ports in Nigeria in the first quarter of 2024 while noting that almost all the ports in Nigeria need rehabilitation and NPA is initiating a substantial overhaul, starting with the Tincan Island and Apapa Ports in Lagos.

However, Oyetola reiterated the need to modernise the ports to meet global standards.

“Again we are modernising the ports, we want to be able to compete with any port in the world. We want the vessel’s turnaround time to be reduced and I think deliberately we are doing that.

“We need to commend the President. The fund for the rehabilitation of the port is almost ready and we are going to commence the rehabilitation any time soon.” Oyetola said.

The former Osun State Governor commended the management of NPA for taking the initiative of acquiring the security patrol boats.

“I want to thank the management of NPA for taking the initiative to strengthen the maritime security and safety. Security is particularly very important and we need to give it the kind of priority that it deserves,” he said.

“We can’t be talking of getting the full potentials of the blue economy without strengthening the security.”

Earlier, the Managing Director of NPA, Mohammed Bello-Koko, said the inauguration of the boats was a testament to the agency’s commitment to continuous improvement in the journey towards transforming, “our strategic intent of becoming the maritime logistics hub for sustainable ports services in Africa from potential to actualities.”

“Enhanced maritime safety, security & compliance to globally acceptable standards is one of NPA’s deliverables under the presidential priorities of the Federal Government of Nigeria.

“What we are witnessing today, therefore, is pursuant to achieving these deliverables and aligns with the presidential directives regarding the performance of Ministries Departments and Agencies,” he said.

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